Now and again, Elon Musk throws a bone to his crypto sphere fans. Dogecoin investors in the crypto sphere recently received a lifeline from Tesla and SpaceX CEO Elon Musk after he tweeted about the parody of cryptocurrency a few times.
Since Terra’s fall and Luna’s demise, Dogecoin’s price has become a casualty. Tesla, Inc. (NASDAQ:TSLA) Report Dogecoin’s price fell another 6% this week, while the value of other cryptocurrencies, such as bitcoin, looked to be rebounding. Even though Dogecoin’s price was initially up 7.3% on Friday, it quickly lost some of its gains.
Several years ago, Musk tweeted that Dogecoin could be used to buy Tesla products. He tweeted a picture of a Tesla drone light display on January 11th, 2019. Musk made two references to Dogecoin at the launch of Tesla’s Austin, Texas facility.
During the celebrations on April 7, the drone light display included a Dogecoin picture, thanks to the tech billionaire. As a result, the value of Dogecoin shot through the roof. Dogecoin supporters were delighted by his recent announcement.
The Performance of Dogecoin Is Tied to Musk’s Personality
According to CryptoWallet.com’s analysis of Dogecoin transactions on April 25, 396 percent more individuals sought Dogecoin online than usually would have. When Musk revealed his $44 billion agreement to acquire Twitter, the top two searches on Google were “how to buy Dogecoin” and “what is Dogecoin.”
Despite his detractors and supporters, DailyFX analyst Tammy Da Costa considers Elon Musk to be one of the most influential and innovative figures of the twenty-first century. When bitcoin was first introduced, his lavish ideas and “subtle” innuendos pushed the price of the initial cryptocurrency down to $65,000 in April 2018.
A subscription plan, dubbed Twitter Blue, would enable clients to pay in dogecoin, according to Tesla CEO Elon Musk. According to her, institutional interest in dogecoin may increase if Twitter uses it as a payment option, which has an audience of 87.8 million presently. Since there are hundreds of cryptocurrencies presently accessible for trading, the blockchain is considered where the “value” lies.
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